🥶 Bitcoin sell off incoming?
Today’s issue ⤵️
1. 📊 Today in markets
2. 🥶 Bitcoin sell off incoming?
3. 👀 What’s next in Crypto?
4. 🔮 Flooz Top Picks
🆕 New Flooz Partnership!
As we continue to expand, let's take a quick look at our latest partnership! 🤝
$FEG have claimed their page on Flooz, and are ready to expand!
As the Web3 space grows, so does the ecosystem, and $FEG are working to Build Your Next-Gen Crypto Project with SmartDeFi!
📉 Navigating market dumps
It's not easy to watch your portfolio drop, and those daunting red numbers telling you that you're losing money...
But you have to remember... that is part of investing. You cannot always be positive, and sometimes it has to go down to go up even further.
And while it is never easy to see this, there are some ways that could help when it comes to market dumps.
The biggest one is being able to Dollar Cost Average (DCA), which involves buying at lower prices to improve your overall portfolio buy in price. So, if you bought an at average of $2, but the price is now $1 and you buy in more, your average would then drop below $2 average depending on how much you buy.
Another way is to sell at a loss and buy back immediately. Now why would you do this?
Because you can claim back this as a loss in the tax year submissions, meaning you get to keep the same amount of tokens, but you get a slight relief on the tax you pay back.
Now this is entirely different depending on your region, so check with your laws first to see if this is applicable.
Either way, the market is not looking great currently, but it does also provide opportunities too, so if you have tokens that have been on your radar for a while, this might be the time to start accumulating more.
📊 Today in markets
The markets have not been kind recently with a slow grind downwards...
But are we setting up for more pain?
Let's find out by jumping straight into the chart and analysis 👇
Starting with the daily close... we closed bearish and that shouldn't be surprising after we dropped below the $60k area, and overall saw a near 10% drop.
We have currently moved above that $60k area again though, but with the close being that bearish, it means that the recovery and a move to new all-time highs, could take a little longer than expected.
As we can see on the chart, we are now 17% away from the all-time high that we set earlier in the year, and with that slow move down, it is certainly making it harder for new investors to stay involved.
With the fair value price hovering around $60k, the fact we dropped below it is concerning, but luckily we recovered pretty quickly, which is a good sign, and shows that there is demand at that area still.
If we are to push a hit that new all-time high this year, we would need to see a push towards the reclaim area of around $63k by the end of the month minimum. Fail to hit that, and we may be in for a bigger drop...
One interesting thing to notice though, is that altcoins did not see a massive drop when Bitcoin continued down to $58k, and that may signal a transition to altcoin dominance in the short term, before we see a bigger climb and focus back onto Bitcoin.
We know the market can be tough, and we are seeing that right now, so having some patience is going to be important, as we can't always go upwards, and it seems this is the test of patience for investors.
So, stay safe frens, let's ride this phase of the market out, and hope that we see those green candles return soon!
🥶 Bitcoin sell off incoming?
We are already in a rough situation with the market conditions...
But it could be about to get worse next month.
Currently, the market has been slowly grinding down and while we are looking for some relief, there is a chance it gets worse first, and it's all to do with MtGox, the Bitcoin exchange that closed operations in 2014.
So, firstly... MtGox closed in back in 2014 after liquidating. But the most interesting part is that there was around 7% of the total Bitcoin supply stolen or lost during the process and during the time the exchange was open.
Now it has been confirmed that around $9B is set to be sent back to creditors, which there is a high chance a big chunk of that could be sold off... especially considering the price of Bitcoin now compared to the highest price of Bitcoin in 2014 which was roughly $900, and now we are sitting at over $60k...
The price difference says it all, and many of those are set to make a lot of money if received.
And let's not forget that Bitcoin and the markets are not in a great position as it is, so with this added into the equation, we may potentially see some more pain from here.
Although, as always, nothing is guaranteed, and this may already be priced in, so make sure to stick to your plan, and let's hope that we see a rebound on the market soon, and that this potential sell off doesn't cause too much disruption...
👀 What’s next in Crypto?
Over the past few weeks, we have been seeing bearish news and events occur, which has been slowing pushing the price of the market lower...
The interesting thing about this, is that historically, when the FUD starts to spread heavily, it usually signals the complete opposite, and we see this most recently on a big scale when the banks and exchanges were collapsing in 2022.
And guess what?
It marked the bottom of the cycle at around $15k and since then we moved to an all-time high. And yes, the period of time is significant, but this bull run is expected to last until deep into 2025, so we are in a similar time period here.
Now, if this is the case, like we are seeing Germany sell $3B worth of Bitcoin, and MtGox having to give creditors $9B in Bitcoin and Bitcoin cash, it could be a case of sell the fear, where they get a last sell off to panic investors, before taking off and seeing new highs again.
Again, we will never truly know, but with US elections coming up, and the stock market also performing very well, hitting new highs, we could potentially see a move upwards to truly start the bull run.
But for now, it is simply a waiting game, but be prepared, and also stick to your plan, because the FOMO can kick in for both results, and you don't want to get in emotions when it comes to investing.
🔮 Flooz Top Picks
Here are our three crypto picks of the week 👇
📈 First up on our list is $HUNT
Hunt Town is a Web3 builders' society aimed at helping each other's projects succeed, open to anyone involved with Web3 projects.
The Web3 space is growing by the day, and with new developments and opportunities coming into play rapidly, this project is allowing the building process to become easier for those looking to get involved and improve the Web3 ecosystem.
Even with the market dropping, $HUNT has seen a 6% rise in price over the last 7D and is sitting at a $60M market cap.
📈 Next up on the list, we have $GOMINING
GoMining is bringing simplicity and efficiency to mining, and allows users to increase their rewards significantly due to the data centres involved and their ecosystem.
This works by buying digital miners backed by the real power of their data centres and receive rewards every day. You can also upgrade your mining farm, complete simple daily tasks, and get involved in the game to increase your overall profits.
Mining certainly isn't going away, and this could provide a better solution to many already involved in mining, or are looking to take part.
With a $130M market cap, $GOMINING (Rebranded from $GMT) could be one to keep an eye on in the future.
📈 Our final pick of the week is $NPC
While memecoins are not performing so well... $NPC, the Ethereum based Meme Fungible Token (MFT) has just set a new all-time high.
If you're looking for a memecoin to invest into, $NPC may be worth a look at as it is certainly gaining attention, and the price is matching too. We also mentioned this token back in April, and it has done a 6x since then 👀
It is currently sitting at a $200M market cap, and has all tokens in circulation too.
